Himachal Futuristic Communications Ltd has informed BSE that pursuant to the Resolution passed by the Board of Directors of the Company at their meeting held on October 15, 2010, the Company has signed a Joint Venture Agreement with Dragonwave Inc., (Dragonwave) having its principal office at 411 Legget Drive, Ottawa, Ontario, Canada K2K 319. Dragonwave is a global supplier of high capacity 'Packet Microwave Radio Systems' which are used for backhaul of traffic in 3G/4G and Broadband Wireless Networks. Pursuant to the above Joint Venture Agreement and necessary approvals wherever required, a joint venture Company will be formed in India in which Dragonwave will own 50.1% equity shares and balance 49.9% equity shares will be owned by Himachal Futuristic Communications Ltd. (HFCL). The Joint Venture will perform local sales and marketing in India. The products will be manufactured by HFCL in its plant situated in Solan, Himachal Pradesh.